I am right there with you buddy. I've got a dozen cuttings in sphagnum in plastic bags hanging out in a heated chamber (72-78 degrees), along with some other cuttings that I'm trying to root in straight perlite. I'm about 6 or 7 days ahead of you, so hopefully whatever luck I've got, you'll see a week later (or sooner for all I care, as long as mine root too!)
One thing I'll say, I felt like even though my sphagnum was rung out well, it was still too wet. I ended up squeezing it between a paper towel to really bring down the wetness of it. Of course, I have no idea if that helped/hurt anything, as I've never done this before, but the general consensus is that too much moisture is a bad thing, I think.
First time's a charm, let's hope? Best of luck to you. I'll hang in on this thread and see if I can learn anything. If you haven't checked it out yet, you might spend a couple quality hours in the search function. There's some good stuff in there.
Out of curiosity, what all are you trying to root?